Germany cuts growth forecasts for 2014 and 2015

With its export growth slowing, Germany has cut its growth forecast for this year as well as for 2015, media reports say. This year, the expected growth is now 1.2%, down from 1.8%. The country expects a growth of 1.2% next year too, down from the earlier forecast of 2%.

Meanwhile, Eurostat data shows industrial production has fallen sharply across the eurozone in August compared to a year ago.

German economy minister Sigmar Gabriel said geopolitical crises and “rough foreign waters” had increased uncertainty in the country.